Published on 3/22/2024 in the Prospect News Structured Products Daily.
New Issue: UBS prices $3.39 million trigger callable contingent yield notes on Russell, S&P
By Kiku Steinfeld
Chicago, March 22 – UBS AG, London Branch priced $3.39 million of trigger callable contingent yield notes due July 6, 2028 linked to the performance of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 7.25% if each index’s closing level is at least 55% of its initial level on the corresponding observation date.
The notes will be callable at par on any quarterly observation date after twelve months.
If the notes are not called and each index finishes at or above its 55% trigger level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing index’s final level is below its initial level.
UBS Financial Services Inc. and UBS Investment Bank are the agents.
Issuer: | UBS AG, London Branch
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Issue: | Trigger callable contingent yield notes
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Underlying indexes: | S&P 500 index, Russell 2000 index
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Amount: | $3,394,000
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Maturity: | July 6, 2028
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Coupon: | 7.25% per year, payable quarterly if each index closes at or above its coupon barrier on the relevant observation date
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Price: | Par
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Payout at maturity: | Par unless any index finishes below its trigger level, in which case full exposure to the losses of the worst performing index
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Call option: | At par on any quarterly observation date after twelve months
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Initial levels: | 4,450.38 for S&P, 1,888.734 for Russell
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Coupon barrier levels: | 2,447.71 for S&P, 1,038.804; 55% of initial levels
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Trigger levels: | 2,447.71 for S&P, 1,038.804; 55% of initial levels
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Pricing date: | June 30, 2023
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Settlement date: | July 6, 2023
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Agents: | UBS Financial Services Inc. and UBS Investment Bank
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Fees: | 2%
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Cusip: | 90279GRU5
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